About Abstracting

An abstract generally refers to and summarizes all documents and proceedings in the public record that affect title to the real-estate concerned. The caption sheet or abstracter's certificate describes the various types of records or information that the abstracted has reviewed which generally include deeds, mortgagees, leases, easements, restrictions on use and occupancy, mineral interests, litigation affecting the property, judgments against the property and persons having an interest therein, wills, probate proceedings, taxes and any other type of record or information affecting the title. Preparation of a chain of title by a skilled, responsible abstractor will expedite a real-estate transaction for the benefit of buyer and seller. working closely with attorneys, brokers and mortgage lenders. The abstractor is a dedicated public servant with legal and financial responsibility for the accuracy of his or her work. The abstractor, and the attorney providing an opinion of title, have a major role in the avoidance of loss from land title hazards.

Source: "The Importance of the Abstract in Your Community"

published by the American Land Title Association


About Title Insurance

When purchasing a home or other real-estate. you actually don't receive the land itself. What you acquire is title to the property -- which may be limited by rights and claims asserted by others. Problems with title can limit your use and enjoyment by others. Problems with title can limit  your use and enjoyment of real-estate, as well as bring financial loss. Title trouble also can threaten the security interest your mortgage lender holds on the property protection against hazards of title is available through a unique coverage known as title insurance. Unlike other kinds of insurance that5 focus on possible future events and charge an annual premium, title insurance is purchased for a one-time payment and is a safeguard against loss arising from hazards and defects already existing in the title.

Source: "Why Title Insurance"

published by the American Land Title Association


Home Page